Recently, Cho Hyun-joon, chairman of South Korea's Hyosung Group, announced a major investment in the bio-based materials business.
Hyosung TNC will build a 200,000-tonne-200,000-tonne-based (BDO) plant in Ba Ria and Vung Tau, Vietnam.
The total investment of the new plant is 1 billion US dollars (about 7.236 billion yuan).
It is expected to achieve an annual production capacity of 50,000 tons of bio-based (BDO) in the first half of 2026.
Hyosung BDO is made by fermenting sugar extracted from sugar cane.
It is widely used in spandex fibers, engineering plastics, shoe soles, industrial compounds and other fields.
Founded in 1966, Hyosung Group is one of the world's top 500 companies, according to Tire World.
The group covers the tire raw materials business and has several production sites around the world.
It has 2 steel cord bases and 1 tire cord base in China.
The former are located in Nanjing, Jiangsu Province and Qingdao, Shandong Province, and the latter is located in Xinyi City, Xuzhou, Jiangsu Province.
In addition, Hyosung Group has local cord and steel cord factories in Vietnam and South Korea.